UPDATE: Bank of America Lowers Harmonic's PT

According to a research report published earlier today, Bank of America has lowered Harmonic's

PT from $7 to $6. Bank of America commented in the report, “Harmonic preannounced negative Q1 results with revenue ~7% below the Street's $136.6mn estimate and EPS in the range of $0.02-0.03 compared to consensus of $0.09. Q1 gross margin is expected in the range of 46-48% compared to the company's prior guidance of 50-52% and the Street's 51% expectation, which we believe was driven primarily by product mix. The lower than anticipated gross margin combined with the revenue shortfall yielded EPS ~72% below consensus estimates. We have adjusted our model to reflect the preliminary results, but will update our model more completely when Harmonic publishes its full results in a few weeks.” Bank of America maintains its Neutral rating on Bank of America, which closed yesterday at $4.96.